September 25, 2022

Accounting News Roundup: Revenue Targets and Winter Interns | 01.12.17

Revenue targets

The Wall Street Journal reports that defense contractor L3 settled a complaint with the SEC for $1.6 million. The SEC's investigation found that the company's employees: 

created 69 invoices for work done but not billed that overstated the company’s pretax income by $169 million and allowed L3 officials to improperly book $17.9 million in revenue, allowing the division “to barely satisfy” company targets to qualify for management incentive bonuses.

This is a long-running case that went through the typical phases including an internal investigation by the company. Of course that investigation didn't turn anything up, the SEC said, because "internal investigators didn’t 'adequately understand the billing process.'"

Winter interns

Lots of winter internships started this week, so I hope you're ready to meet the people who will be bugging you with questions all busy season long. If you haven't seen one yet, that's because the firms like to ease them into this whole workplace thing. PwC's winter interns, for example, apparently get cake, listen to Tim Ryan talk and paint. Meanwhile, KPMG interns are at their national training waving signs, ignoring per diem rates and looking forward to the day when they become a partner at PwC.

Has Donald Trump released his tax returns?

Nope! He was asked about it repeatedly during his press conference yesterday that made any of Richard Nixon's look downright winsome. Trump said he doesn't have to release them because, in his words, "I won," and that the public doesn't "care at all" despite the fact that every poll says otherwise. Also! The Tax Analysts' Tax History Project has posted the tax returns for past presidents going back to FDR. The tax returns have been made available over the years, by the presidents while in office or by their libraries. I guess what this means is that this section of ANR will run in some form or another in perpetuity until we have some DJT returns.

Previously, on Going Concern…

Greg Kyte's Exposure Drafts cartoon addressed one of the things they don't teach you in auditor school.

Megan Lewczyk wrote about dongles.

In other news:

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